-- Midas Minerals (ASX:MM1) said drilling at the Spaatzu prospect within the Otavi copper project in Namibia intercepted significant copper and silver mineralization, according to a Monday Australian bourse filing.
Portable X-ray fluorescence readings from a drill hole included a 32-meter interval with readings averaging 1.8% grade of copper and 11 grams-per-tonne grade of silver from 152 meters, within a 52-meter mineralized interval. It also hit an intercept of 13 meters at 1.77% grade of copper and a 39.5 g/t grade of silver from 72 meters.
Further drilling is required to delineate the full extent of mineralization and understand structural and lithological controls, it said.
Its shares fell 6% in recent trading on Monday.